At the annual general meeting held on 27 February 2003 the annual report was approved, including a dividend fixed at 12% of the share capital as proposed by the board of directors.

It was decided to authorize the board of directors, until the next annual general meeting, to let the company acquire own shares within a total face value of 10% of the company share capital, cf. Section 48 of the Danish Companies Act. The payment must not deviate by more than 10% from the closing price quoted on the Copenhagen Stock Exchange at the date of acquisition.

The board was re-elected and consists of:

Palle Svejstrup - chairman, Per Aarsleff, Lise Aarsleff, Carsten Fode, Jens Bigum, Niels S. Møller, Boris Andersen (elected by the employees), Leif Endersen (elected by the employees) and Jens M. Jørgensen (elected by the employees).

The auditors were re-elected.

At the annual general meeting the market value of the company's most recent options programme of 19 December 2002 was stated to amount to DKK1,975 thousand at the time of allotment. The market value of the options programme is calculated according to the Black Scholes model. The programme comprises allotment of share options to the management and executive employees corresponding to 60,000 shares. 7,500 options were alloted to the management and 52,500 were alloted to executive employees.

No further, not already published, material information was disclosed at the annual general meeting.